On October 27, 2009, California Rep. Diane Watson announced her introduction of H.R.3939 which would extend expensing provisions for qualifying film and television productions. H.R. 3939 requests an extension of IRS Code Section 181 until 2011. The current extension expires on December 31, 2009.
Archive for the ‘Tax Credit’ Category
Runaway Productions & IRS Code Section 181 – Deduction for Qualified Film and Television Production CostsOctober 28, 2009
In 2003 Illinois introduced a wage-based tax credit for film producers. In December of 2008 Illinois passed the Illinois Film Production Tax Credit Act, offering producers a credit of 30% of all “qualified expenditures,” including post-production, and has no expiration. To promote growth and job opportunities in the Illinois film industry, the Act is to beneficial to […]